Timing To Finish
Real estate law specifies that there are only two legal entities required in a real estate transfer – the seller and the buyer. No one else can require their permission or input in the process. Regular deeded real estate and deeded timeshares fall under these laws. Any debts remain the responsibility of the seller while any restrictions on use of the property stay with the property. The debt holder can always foreclose on the property if the seller doesn’t pay the debt so the buyer’s interest in the property remains at risk, even though the buyer doesn’t take on the responsibility of the debt. Who would want to risk such situations? If a seller accepts keeping the debt responsibility even without ownership and use and the buyer doesn’t care about use it can be done simply.
Often the process handled by most brokers, title companies, sales organizations, etc, takes several months because of the time drag imposed by making sure both parties understand this and trying to get others involved in the debt and restrictions involved in the process. When it comes to timeshares, resorts are notorious for dragging their feet for months. In fact, many title and escrow companies now refuse to work with timeshares because of this problem and the headaches it causes them.
Without that imposition, the process takes only as long as the County Recorder’s office takes to file the new deed plus the form turn around time between you and VRI. Generally this is about 30 days, but can be as fast as 7 in some cases.
But, DO NOT delay beginning this process. If a new billing time period begins for anything on the property before the deed is recorded it will be your responsibility. For timeshares most resorts start their billing periods on January 1st.